GoldViewFX - Market UPDATE

Hey Everyone,

We slowed down yesterday after hitting our 1822 target and expected retracement to jump back into the longs. There was an ema5 detachment to 1805 which we identified as the first point of support for retracement, which was HIT perfectly.

We tested the waters with a small buy position, which we took out as we could see price heading for our once-a-month MA21 touch on the daily chart, which is also in line with ma200. This usually provides good dynamic support, so we took a stronger buy position from the bottom to bank and trail.

As you can see from the daily chart although we saw a well overdue retracement down in gold today the overall structure still remains in a Bullish framework, and we are still within the swing range of our 1H chart.

If we see a EMA5 cross below ma21 on the daily chart we can expect the lower support highlighted to be tested otherwise failure to cross and we should see price head back into hitting the upper levels that have now been left open.

Waiting patiently and taking strategic entries, like we do, is the safest way to trade these conditions and range management is crucial.

As always, we will keep you all updated with regular updates throughout the week and how we manage the setups. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
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